The government decided to donate 1.38 billion won to the WTO Fisheries Fund in relation to the World Trade Organization (WTO) Agreement on Fisheries Subsidies, which prohibits subsidies for illegal fishing and overfishing.
According to the Ministry of Trade, Industry and Energy on the 24th (local time), Minister of Trade, Industry and Energy Jeong In-kyo met Secretary-General Ngozi Okonjo-Iweala in Abu Dhabi on the occasion of the 13th WTO Ministerial Conference (MC-13) and made this announcement. The agreement on fisheries subsidies was concluded at the 12th Ministerial Conference in June last year. The fishery fund donated by the government this time is a voluntary fund established in accordance with a related agreement, and its purpose is to support developing countries’ implementation of the agreement through capacity building and technical support.
Director General Chung met with Secretary-General Ngozi and agreed that, “As concerns are raised about the contraction and division of global trade, meaningful progress must be made in WTO reform and major negotiations to restore the WTO-centered multilateral trading system,” and MC Opinions were exchanged on the main agenda of -13.
Director Jeong particularly emphasized the importance of advancing reform discussions to normalize the dispute resolution system within the year, incorporating the Investment Facilitation Agreement for Development into the WTO system, and extending the practice of zero tariffs for electronic transmissions. In addition, he evaluated that cooperation between Korea and the WTO was strengthened due to the Secretary-General’s visit to Korea in May last year, and requested the Secretary-General’s attention to enable Korea’s competent trade talents to play an active role in the WTO.
Director Chung also met with UAE Trade Minister Al Zeyoudi, who chairs MC-13. The two countries’ trade ministers expressed their hope that the cooperative relationship that has developed since the establishment of diplomatic ties in 1980 will be further solidified through the Korea-UAE Comprehensive Economic Partnership Agreement (CEPA) concluded in October last year.
In addition, they agreed to quickly proceed with the remaining procedures, including formal signature and submission of ratification, so that the people and companies of both countries can enjoy the benefits of the Korea-UAE CEPA agreement early.
In addition, Director Chung decided to continue efforts to implement the Korea-UAE trade and investment promotion framework that was concluded during his state visit in January last year. Director Jeong also added, “We support the UAE’s additional accession to the Digital Economy Partnership Agreement (DEPA), which Korea joined in June of last year.”
Following two bilateral meetings, Director Jeong met with Korean businessmen operating in the UAE, explained the main contents of the Korea-UAE CEPA concluded in October last year, and discussed ways to secure a competitive advantage by utilizing the agreement.
Meanwhile, starting with the unofficial first event of the ministerial meeting, Director Chung will attend the WTO ministerial meeting held in Abu Dhabi for four days until the 29th. Director Chung plans to hold bilateral meetings with trade ministers from major countries on the occasion of the ministerial meeting.
(Sejong = News 1)
Source: Donga
Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.